| The rapid development of high-tech enterprises not only propels the advancement of our country's technology, but also drives global economy forward. However, during the development process of high-tech enterprises, financing problem becomes a big hindrance to its development. The traditional financing choice often shrinks back at the high risk of high-tech companies, so venture investment, for it is special, has won the broad interests from high-tech companies. Venture investment not only provides the fund the enterprises need, but also provides the enterprises with a series of value-added non-capital services, such strategy formulation, management experience, social network., which greatly pushes the development of enterprises.The main reason that venture investors are willing to put a large amount of capital into high-tech enterprises is their innovation. Innovation, which although has high risk, also means great profits. Once risk investors invest capital into one enterprise, they will help this enterprise establish innovation strategy and improve its technical strength to realize its technical innovation, so that they can finally obtain high profits. Therefore, this paper focuses on venture investment, a special financing means, to carry out its study. Based on making a comparison between venture investment and traditional debt financing, this paper puts great efforts to explore the influence of different financing modes on high-tech enterprises'innovative strategies and technical strength. Meanwhile, this paper also analyzes the promotion of the enterprises'innovative strategy on their technical strength.This study adopts the empirical method of Structural Equation Modeling to obtain data which is processed by SPSS15.0 and AMOS7.0. This paper finds: different financing modes of high-tech enterprises will affect the enterprises'choice of innovation strategy; both enterprises'different financing modes and different innovative strategies will exert different influence on their technical strength.The contribution of this paper lies in the fact that it makes clear the relations among high-tech enterprises'different financing modes, innovation strategy and technical strength. Besides, this paper carries out an in-depth research by means of empirical study. This study finds that the technical strength can be divided into technological innovation capability and technological basic capability; innovation strategy can be divided into exploration innovation strategy and exploitation innovation strategy. These results, to some degree, have great significance to follow-up research. Last, this paper also finds that,venture capital has an important influence to High-tech firms'life time, firms should accord to their character to choose financing and innovation strategy to get benefit to their technological capability development. For the reason that the empirical method is closer to reality, so the results from this study also have positive and practical significance to the development of our country's high-tech enterprises and venture investment. |
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